• 15 June, 2024
Market News News

Ethereum Nears Critical $4,200 Resistance: Will ETH Surge to a New ATH Soon?


Ethereum has seen an uptrend, with key analysts highlighting its potential for further gains. VeLLa Crypto’s recent X post emphasized Ethereum’s climb, noting a target range of $4,100-$4,200. This bullish outlook comes after accurately predicting a bottom at $3,620. 

Concurrently, Charting Guy also expressed optimism, anticipating a new all-time high (ATH) for Ethereum in the near future. These predictions are based on detailed technical analysis and recent price movements.

Ethereum, at publication, trades at $3,934.45, marking a 2.82% rise. An analysis of VeLLa’s chart reveals key resistance levels include $4,101.09 and $3,670.56, with support levels at $3,366.81 and $3,178.51. The chart analysis reveals changing trends characterized by high volatility and sharp price movements. 

Moreover, the rise highlighted by an orange line on the chart suggests a possible continuation towards the $4,101.09 resistance level. If Ethereum breaks this level, it could signal a further uptrend, targeting higher price levels.

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Ethereum’s recent perception hinges on its ability to surpass the $4,101.09 resistance. A successful break could pave the way for further upward movement driven by strong buying pressure. 

Conversely, failure to breach this resistance may lead to a pullback toward support levels around $3,366.81. The current market perception, however, remains bullish, with buying activity propelling the price upward.

Charting Guy’s analysis supports this bullish scenario, suggesting that Ethereum is only one key level away from reaching a new ATH. With a daily trading volume of $17,955,425,128 and a price increase of 3.32%, ETH’s momentum is evident. The focus is on whether it can maintain this trajectory and break through the critical resistance level.

Ethereum’s price movements and technical indicators suggest a promising outlook. The combined analyses of VeLLa Crypto and Charting Guy provide a comprehensive view of Ethereum’s potential. 

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